On March 25th, 1199, English King Richard I, is wounded by a crossbow while fighting in France. Within two weeks, Richard the Lionheart was dead, and his brother John took the throne. Richard became King of England in 1189 following the death of his father, Henry II. His reign was marked by conflicts, particularly with his father and brothers, as they vied for power within the Angevin Empire. Richard gained his epithet, "the Lionheart," through his exploits in warfare. He participated in the Third Crusade, earning a reputation for valor and tactical acumen, although the crusade ultimately failed to recapture Jerusalem. Failing to recapture lands was apparently a family trait. King John I renewed the war in France without success, losing holdings in Normandy, Maine, Anjou, and part of Poitou. He spent the better part of a decade invading the continent at an enormous cost to the realm. To finance his overseas misadventures, he raised taxes and ruthlessly squeezed every penny he could from his barons, his nobles, and the church. They rebelled eventually, forcing him to sign the Articles of the Barons, laterknown as the Magna Carta, voluntarily limiting his royal powers. At least for a while. These days, it doesn’t take foreign military adventures or royal successions to boost spending to levels that lead some to use their own creative epithets. Thanks to COVID relief programs and easy money policies totaling close to $12 Trillion, what was already a massive debt — more than $23 trillion at the start of 2020 is now $34 trillion and rising. Interest costs on the national debt are projected to total around $66 trillion over the next 30 years. They would become the largest “program” in the federal budget within that period — surpassing Medicare in 2046 and Social Security in 2049. Absent another Magna Carta, we should expect taxes to rise to meet these debt obligations. But many ignore the issue and hope it will go away. That’s more like being the cowardly lion from The Wizard of Oz than being lion- hearted. Your family trait should be to prepare the correct strategy and demonstrate tactical acumen for the battles soon to come.
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Patrick HueyPatrick Huey is a small business owner and the author of two books on history and finance as well as the highly-rated recently-released fictional work Hell: A Novel. As owner of Victory Independent Planning, LLC, Patrick works with families and non-profit organizations. He is a CERTIFIED FINANCIAL PLANNER™ professional, Chartered Advisor in Philanthropy® and an Accredited Tax Preparer. He earned a Bachelor’s degree in History from the University of Pittsburgh, and a Master of Business Administration from Arizona State University. Archives
September 2024
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